IMF says exchange rate level will not be condition of Argentina deal

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FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas

BUENOS AIRES (Reuters) - The International Monetary Fund (IMF) will not set a particular exchange rate for the Argentine peso as a condition on a financing deal for the South American country, a spokesman for the Washington-based lender said on Monday.

“Argentina has a floating exchange rate whose value is determined by the market. We fully support this policy,” the spokesman said. “There have not been discussions about a specific target for the exchange rate.”

Argentina announced last week that it is negotiating a stand-by arrangement with the IMF.